Assured Property Management LTD

MANAGEMENT COMPANY

What is a management company?

A management company is a company established to own and look after the common areas of a development. Management companies are responsible for the maintenance of communal areas and shared services within multi-unit developments, such as apartment blocks or housing estates.

For example, the company may be responsible for the maintenance of halls, corridors, lifts, public lighting, footpaths, gardens and waste services. In many apartment developments, this company is also the legal owner of the leasehold of individual units and common areas of the development.

Who controls the management company?

Initially the management company is likely to be controlled by the builder or developer who set it up in the first place, often before any units have been sold. They usually nominate the first directors and members of the company. Then each buyer becomes a member of the management company (on completion of their purchase transaction and receipt of certificate of membership).

At this stage the developer may still retain control of the management company if he/she still has the largest shareholding. The memorandum and articles of association will set out the rules and procedures about the appointment of directors to the company and will also set out what rights individual members will have in relation to how the company is run. In general, after the developer / builder sells and transfers ownership of the common areas, the developer’s nominees as directors will generally resign from their roles as directors. The management company should advise unit owners of this step at least eight weeks in advance. Where a director nominated by the developer wishes to stay on the board, this should be agreed by vote at the meeting of the company. At this stage members (buyer of apartment) of the management company should volunteer to fill the role of directors. This should generally be done at an AGM of the company.

If I rent an apartment, do I have any input into the management company's activities?

Not directly, as tenants have no legal rights in terms of membership of management companies. But a tenant in an apartment block or housing estate may decide to join a residents’ committee, which in turn lobbies the developer and/or management committee on issues of common concern to both home owners and tenants in the development.

MANAGING AGENTS

What's the difference between a management company and a managing agent?

The management company is legally obliged to oversee maintenance work and the management of common area services in multi-unit developments. Many developers and management companies employ professional firms known as managing agents such as Assured Property Management to provide maintenance and other services. The managing agent and the management company are two very different entities. The managing agent works under the instructions of the management company. Generally the developer will appoint a managing agent at the outset of a development, often before the first unit is sold.

The developer should:

Why do we need a Managing Agent and what do you do?

Not all developments have managing agents but the majority of them do. Maintaining the common areas (halls, corridors, lifts, public lighting, footpaths, gardens and waste services) are important elements in ensuring the beauty, integrity and value of your property is maintained.
Developments that do not engage a management agent to maintain their common areas deteriorate quickly and become less attractive to residents and may lead to lower market price if you go to sell your house or apartment in the future. The costs associated with good management are often less than it would cost to manage say a house with the same services, particularly where your agent has considerable purchasing power. Assured Property Management Company Dublin is a leading managing agent in Dublin and it's surrounding areas and is enganged by numerous managment companies.

What is the Management Agent responsible for?

The managing agent is responsible for ensuring that many essential things happen at your development on the instruction of the management company and these are principally as follows:

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To make sure the building remains properly insured, at the right level and with appropriate cover.